If it's determined that Ukrainian separatists shot down the Malaysia Airlines plane that crashed in Eastern Ukraine Thursday, Russian President Vladimir Putin should face consequences, Sen. John McCain said.

The Arizona Republican said it's too early to know exactly what happened to the plane that reportedly crashed near the Russian border.

"It's an outrageous and incredible act of terrorism that people [should] be held responsible and not only be people directly responsible, but indirectly," McCain said when asked about reports the plane was shot down. "And if these are ... separatists, which are also Russian, Vladimir Putin should be paying a heavy price. But I am not concluding yet that until we find out all the information."

Sen. Saxby Chambliss, R-Ga., the ranking member of the Intelligence Committee, said he expected a briefing Thursday.

President Barack Obama announced Wednesday new sanctions targeting Russian businesses in retaliation for Putin's actions on Ukraine.